As a native public chain built on Move, Sui has attracted the attention of crypto investors since its birth. Before its mainnet launch, Sui had already obtained Series B financing at a valuation of more than $2 billion. By virtue of underlying technology innovation and giant financing, Sui and Aptos, also a public chain with a Meta background, have rapidly gained recognition from the crypto world for their enormous potential.
As the first permissionless Layer1 blockchain designed from scratch, Sui aims to enable creators and developers to build ecosystems that cater to Web3 users. Based on the delegated proof-of-stake (DPoS) mechanism, it implements the DAG-based Byzantine fault-tolerant Narwhal and Bullshark (an enhanced version of Tusk). This allows Sui to process most transactions in parallel, thereby utilizing resources more efficiently and increasing throughput. As the native token of the Sui public chain, SUI can be used for various purposes. You can use it to stake and pay gas fees for transactions on the Sui network. It can also be traded as a liquid asset. Finally, SUI holders can participate in the voting process of governance. As the Sui mainnet is scheduled to go live on May 3, 2023, SUI will also be listed simultaneously on CoinEx, a global crypto exchange. Users could log in CoinEx to trade SUI tokens:https://www.coinex.com/
The Sui public chain has three core elements that work together to allow it to process transactions at a low cost: the Sui Move language, parallel transaction execution and the Sui consensus.
l Sui Move language
Sui is a blockchain that runs smart contracts through Sui Move, a programming language based on Rust and initially designed by Facebook (currently known as Meta) for its aborted blockchain project Diem. Move basically functions as an executable bytecode language. Unlike the global storage of the Move language, the newly-released modules are only stored in Sui, aiming to make Sui one of the most secure and reliable smart contract platforms.
l Parallel transaction execution
One of the biggest innovations that Sui offers is parallel transaction execution. On other platforms that process smart contracts, transactions are executed one at a time, generally by the order in which they’re received. This takes individual transactions longer to be processed. However, Sui processes transactions in parallel, and simple transactions aren’t required to undergo consensus, realizing near-instant finality.
l Sui consensus
Bullshark and Narwhal are the default consensus algorithms used by Sui. Simply put, Narwhal is used as a mempool to ensure that the data submitted to the consensus is available, and Bullshark then sets the consistent standard for arranging that data. Sui manages to reduce latency with its consensus algorithms. During a test run, the Sui network was able to process 120,000 transactions per second.
Compared with Aptos whose mainnet has been launched, the Sui ecosystem adopts a more prudent and step-by-step approach. Since the launch of Devnet in June 2022, the Sui community has grown stronger, with its developers building key open-source projects that deliver long-term value to the entire ecosystem. Recently, Sui officially released updates about its ecosystem. As of April 23, Sui has had 194 decentralized applications (DApps), including DeFi, wallet, NFT, social networks and tools. (For details, please visit the official website: https://sui.directory/)
Among the numerous projects in the Sui ecosystem, there are some impressive Web3 projects.
l Suiet Wallet: Suiet Wallet enables biometric authentication and builds in NFT management. It is also the first of its kind to support the operations of multiple accounts and biometric authentication.
l SuiSwap: It is an early decentralized exchange (DEX) on the Sui network, aiming to integrate trade, exchange, order book and liquidity into one platform.
l ComingChat: It is the first to integrate the Signal privacy communication protocol. It employs the decentralized digital identity ComingChat ID (CID for short) as its account system without requiring Web2 login information such as centralized email or account password, hailed as the WeChat in the Web3 world.
Within less than a year, the Sui ecosystem has been booming. The Sui community will be likely to speed up its expansion after its mainnet goes live. The Sui public chain is reshaping the industry by achieving unprecedented speed and scalability. As Web3 gains popularity, the potential of Sui will be fully tapped by crypto users. Empowered by Move and other advanced technologies, Sui has dramatically reduced the processing time of crypto transactions, thus making the entire system more efficient. Designed to facilitate the mass adoption of Web3 and games, it will help to deliver a brighter future for the crypto space and its users.